NEW YORK CITY—A Long Island City multifamily project can move forward after landing $154 million in construction financing. Heatherwood Communities is building a 58-story, high-rise building with 477-units at 42-12 28th St.
PNC Bank is the sole lead arranger and administrative agent on the new funding and is syndicating the loan with Santander and Union Bank. JLL managing director Aaron Appel and VP Jonathan Schwartz arranged the financing.
“This is going to be among the tallest towers in Long Island City once it's delivered in 2017, and one of the best multifamily assets in the Queens submarket thanks to the market-leading vision of Heatherwood Communities,” says Appel. “Lenders were drawn by the strong demand in one of the nation's premier housing markets, as well as the prime location in Court Square, directly across the East River from Midtown Manhattan.”
The Class A development will feature 328,834 of residential square as well as 5,878 square feet of retail space and 16,123 square feet of amenity space. The project also will feature a secondfloor garage with 46 parking spaces. The property is located just off Jackson Avenue, with convenient access to multiple subway lines.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
